FMR is near market; voucher and private rents are aligned.
0.97
1 BR
1 BR
0.89ratio
FMR$1,690
Market$1,890
vs market-$200
FMR is below market; voucher rent may lag private rents.
0.89
2 BR
2 BR
0.92ratio
FMR$2,070
Market$2,240
vs market-$170
FMR is near market; voucher and private rents are aligned.
0.92
3 BR
3 BR
1.06ratio
FMR$2,860
Market$2,700
vs market+$160
FMR is near market; voucher and private rents are aligned.
1.06
4 BR
4 BR
0.93ratio
FMR$3,230
Market$3,480
vs market-$250
FMR is near market; voucher and private rents are aligned.
0.93
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 98416 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98416 (Tacoma, WA) is $2,070 a month. That is up 6.2% from $1,950 in FY 2026. Tacoma is in the Tacoma, WA HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $2,064. Among 76 ZIP codes in Pierce County, 98416 is tied for the 32nd-highest two-bedroom rent (county range $1,780–$2,770). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98416 is 41% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 98416
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,410
$1,500
+6.4%
$1,350–$1,650
1BR
$1,590
$1,690
+6.3%
$1,521–$1,859
2BR
$1,950
$2,070
+6.2%
$1,863–$2,277
3BR
$2,700
$2,860
+5.9%
$2,574–$3,146
4BR
$3,070
$3,230
+5.2%
$2,907–$3,553
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 98416
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,500
$1,690
$2,070
$2,860
$3,230
FY 2026
$1,410
$1,590
$1,950
$2,700
$3,070
FY 2025
$1,430
$1,620
$1,990
$2,790
$3,180
FY 2024
$1,360
$1,520
$1,890
$2,660
$3,080
FY 2023
$1,170
$1,310
$1,640
$2,330
$2,730
Two-bedroom rent in nearby Pierce County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 98416?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $2,064, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,858 to $2,270 a month; under the ZIP-level Small Area FMR of $2,070 it would be $1,863 to $2,277. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 98416 in?
ZIP 98416 is in the Tacoma, WA HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $2,064.
How much did fair market rent change in ZIP 98416 for FY 2027?
The two-bedroom FMR rose 6.2%, from $1,950 in FY 2026 to $2,070 in FY 2027. Since FY 2023 it has risen 26.2%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set